Matching Pairs European EconomicsOnline version European Economics by Jennifer Fazio 1 Which economic system is controlled by the government? 2 In this type of economy people and business have some freedom to choose what they want to do. The government also has some rules to keep it fair. 3 In this type of economy, the government makes all business and financial decisions. 4 Describes an economic system in which the people can own land, factories, and businesses? 5 In this type of economy, the people (based on supply and demand, not the government) determine the economic decisions 6 In this type of economy, people do the same jobs and make the same things their ancestors did Command Economy (1) Market Economy (2) Mixed Economy Market Economy (1) Traditional Economy Command Economy (2) 1 Second country on the economic continuum 2 A 0-100 scale which ranks world economies from most command (0) to most market (100) 3 First country on the economic continuum 4 Third country on economic continuum Russia Economic Continuum Germany United Kingdom 1 Trade barrier which blocks all trade with another nation 2 When a country focuses on what they do best. Focus production on what they do best to become experts. 3 A rule established to make it hard for people in one country to trade with people in another country. 4 Trade barrier which places a limit on imported goods 5 To encourage people to buy things make in their own countries or to prevent trade to punish another country 6 Trade barrier that places tax on imported goods Quota Goal of a Trade Barrier Embargo Specialization Trade Barrier Tariff 1 Why is a currency exchange system necessary for different nations to trade with each other? 2 Converting one nation's currency into an equal value of another's 3 The value of one nation's currency in terms of another's 4 A nation's money Currency Exchange Currency Exchange Rate To make it easier to trade when different countries use different currencies 1 Economic and political union of 18 European nations. 2 Common currency of most European Union member countries Euro Europeon Union
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